> **来源：[研报客](https://pc.yanbaoke.cn)** # Melbourne CBD Office Market Summary – Q1 2026 ## Core Content The Melbourne CBD office market has experienced a range of dynamics in Q1 2026, marked by record tenant briefs, rising rents, and a projected slowdown in new development activity. This summary outlines the key indicators and trends observed in the market. ## Key Market Indicators - **Tenant Briefs**: In Q1 2026, Melbourne office briefs totaled **81**, the highest first-quarter result on record, indicating strong demand from tenants. - **Rental Growth**: - **Eastern Core** saw the most significant increase in effective rents, rising by **16.1% year-on-year**. - **Prime rents** in the Eastern Core increased to **$1051/sqm**, with a **4.0% quarterly increase** and **14.8% annual increase**. - **Net effective rents** also rose in the Eastern Core, reaching **$636/sqm** with a **4.9% quarterly increase** and **16.1% annual increase**. - **Incentives**: The Eastern Core had the highest incentives at **39.5%**, reflecting strong tenant interest in this area. - **Yields**: - Prime yields in the Eastern Core stood at **6.4%**, with a **13 bps quarterly decline**. - The CBD average prime yield was **6.9%**, with a **19.0% vacancy rate** and a total market stock of **5,279,222 sqm**. - **Development Activity**: - The development pipeline is expected to stall post-2026, following the completion of **435 Bourke St** in Q1 2026. - No significant CBD office sales occurred in Q1 2026 as the market adjusted to economic changes. ## Recent Significant Tenant Commitments - **La Trobe Financial** committed to a **new lease** at **80 Collins Street (North)** in the Eastern Core, covering **5,600 sqm** for **7.0 years**, with lease commencement in **H1 2026**. - **Oracle** secured a **new lease** at **567 Collins Street** in the Spencer precinct, covering **2,100 sqm** for **7.0 years**, with lease commencement in **H2 2026**. - **ESS Super** signed a **new lease** at **130 Lonsdale Street** in the North Eastern precinct, covering **2,400 sqm** for **7.0 years**, with lease commencement in **H2 2026**. - **Northrop Consulting Engineering** committed to a **new lease** at **385 Bourke Street** in the Western Core, covering **1,300 sqm** for **5.0 years**, with lease commencement in **H2 2026**. ## Recent Significant Institutional Sales - **470 Collins Street** was sold for **$60.3 million** by **Suleman Property** to **Fortis**, with a **6.2% yield** and **1.2 years WALE**. - **750 Collins Street** was sold for **$383.0 million** by **GPT Group** to **Trust-Capital**, with a **6.5% yield** and **10.0 years WALE**. - **180 Flinders Street** was sold for **$254.5 million** by **Dexus** to **PAG**, with a **6.5% yield** and **5.0 years WALE**. - **357 Collins Street** was sold for **circa $195.3 million** by **Frasers** to **Harry Stamoulis**, with a **circa 7.3% yield** and **circa 2.5 years WALE**. - **50 Queen Street** was sold for **$40.1 million** by **Fidinam** to **Up Property**, with a **circa 7.0% yield** and **1.7 years WALE**. ## New Supply Overview - **111 Bourke Street** (A-Grade, Refurb): Completed in **H2 2025**, with **45.7% pre-commitment** and **EY** as the main tenant. - **7 Spencer Street** (A-Grade, New Development): Under construction (**U/C**), expected to be completed in **H1 2026**, with **25.2% pre-commitment** and **AECOM** as the main tenant. - **51 Flinders Street** (Premium, New Development): Under construction (**U/C**), expected to be completed in **H2 2026**, with **33.7% pre-commitment** and **WPP / AirTrunk** as the main tenant. - **435 Bourke Street** (Premium, New Development): Under construction (**U/C**), expected to be completed in **H2 2026**, with **61.8% pre-commitment** and **CBA / UniSuper** as the main tenant. - **600 Collins Street** (Premium, New Development): Development approval has been granted (**DA Approved**), expected to be completed in **H2 2030**, with **0.0% pre-commitment** and no main tenant yet. ## Key Contacts - **Research & Consulting, VIC**: Tony McGough | +61406928820 | [tony.mcgough@au.knightfrank.com](mailto:tony.mcgough@au.knightfrank.com) - **Office Leasing, VIC**: Simon Hale | +61417147785 | [simon.hale@au.knightfrank.com](mailto:simon.hale@au.knightfrank.com) - **Valuations & Advisory, VIC**: Michael Schuh | +61412443701 | [michael.schuh@vic.knightfrank.com](mailto:michael.schuh@vic.knightfrank.com) - **Research & Consulting, VIC**: Laurence Panozzo | +61401251876 | [laurence.panozzo@au.knightfrank.com](mailto:laurence.panozzo@au.knightfrank.com) - **Institutional Sales, VIC**: Trent Preece | +61400504300 | [trent.preece@au.knightfrank.com](mailto:trent.preece@au.knightfrank.com) - **Tenant Representation, VIC**: Craig Carr | +61447463778 | [craig.carr@au.knightfrank.com](mailto:craig.carr@au.knightfrank.com)